Lead Month
The futures contract month with the highest current open interest and volume — synonymous with front month.
Lead month is an exact synonym for front month — the contract expiry that dominates trading volume at a given time. The term emphasizes which contract is currently leading in activity, not just which expires soonest (the two usually coincide, but not in the week or two right around expiry when liquidity migrates).
Related Terms
Back Month
Any futures contract month beyond the front month; typically less liquid and used for hedging or spread strategies.
BeginnerFront Month
The nearest-expiry futures contract with the highest liquidity and trading volume at any given time.
BeginnerOpen Interest
The total number of outstanding futures contracts that have not been settled, delivered, or offset. A measure of market participation.
IntermediateRollover
Closing a near-expiry futures position and simultaneously reopening it in the next contract month to maintain exposure without taking delivery.
Intermediate